CHAPTER THREE | TRANSFORMING YOUR PASSION, SKILLS AND TALENTS INTO YOUR OWN BUSINESS
There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed - Ray Goforth
Don't go into business because you want to make money but because you have identified needs and want to provide solutions.
Once you have decided what type of business you want to start and the investment requirements the next thing to do is a feasibility study.
A feasibility study involves gathering, analyzing and evaluating information with the purpose of answering the question: "Should I go into this business?"
It is very important to set your objectives at the onset.
Objectives of a business must be SMART: Specific, Measurable, Achievable, Relevant and Timely.
Franchise
Franchise is where one party grants another party the right to use its trademark or trade name as well as certain business systems and process, to produce and market a good or service according to certain specifications. - Business Dictionary
Many small business owners have been helped to a sound start by investing in a franchise. Franchising can minimize your risk, it will enable you to start your business under a name and trademark which already has public acceptance.
Personnel Selection
Careful choice of personnel is essential. To select the right employees, determine beforehand what you want each one to do.
Look ahead and plan your hiring to assure an organization of individuals capable of performing every essential function.
Selecting the right person is extremely important. Ask your questions carefully to find out everything about the applicant that is pertinent to the job.
Consider, with judgment, any negative comments you hear and what is not said.
Personnel Training
A well-selected employee is only a potential asset to your business. Whether or not he or she becomes a real asset depends upon your training.
Training is a continuous process which becomes constructive supervision.
Good supervision will reduce the cost of operating your business by cutting down on the number of employee errors. If errors are corrected early, employees will get more satisfaction from their jobs and perform better.
Business plan
A business plan is a formal statement containing a set of business goals, alongside the reasons why the belief for reaching those goals is attainable, the plan for reaching those goals.
A good business plan should be designed to answer the following questions:
- Why does your business exist?
- Where do you want to take it?
- How will it get there?
- What will it cost?
The plan should include something about the following areas:
- Executive summary
- General company description
- The opportunity, industry and market
- Strategy
- Business model
- Team management and organization
- Marketing plan
- Operational plan
- Financial plan
- Appendices
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